| As China’s economy continues to develop and its market size expands,a group of rapidly growing small and medium-sized enterprises,exemplified by the ChiNext market,now have greater access to financing opportunities.Consequently,it becomes necessary to establish a comprehensive and reasonable evaluation index system for corporate growth of listed companies on the ChiNext board-one that takes into account the development requirements of the new era for enterprises and aligns with social and economic development trends.Compared to traditional economic indicators,an enterprise’s growth comprehensively considers business development and thus more fully reflects the current state and growth potential of companies listed on the ChiNext board.Numerous factors can influence enterprise growth,and from a managerial perspective,the function of GEM listed companies is heavily reliant on management decision-making and the mobilization of both internal and external resources.As such,the size of the management’s capabilities and the balance of power among management are the critical factors that have an impact on enterprise growth.The research into the impact of managerial power and the mechanism affecting enterprise growth is also of critical importance.By reviewing and analyzing previous research,and taking into account the potential impact of the nature of corporate property rights,this article examines the relationship between managerial competence and corporate growth using theories of corporate growth,information asymmetry,and agency theory,as well as the relationship between managerial competence and managerial power.Additionally,the moderating effect of managerial power on the relationship between managerial competence and corporate growth is analyzed.To measure variables,this article employs principal component analysis to construct a comprehensive index of enterprise growth from multiple perspectives,while the latest DEA-Tobit regression model is used to measure the ability of managers.Furthermore,a continuous integral measurement is utilized to assess the power of managers.The article then verifies the relationship between managerial competence,power,and corporate growth by regressing the model,and tests the moderating effect of managerial power through a moderating variable model.The research carried out in this article has led to the following findings:(1)There exists a significant positive correlation between managerial competence and corporate growth.Furthermore,the managerial ability of state-owned enterprises has a greater positive impact on enterprise growth than that of non-state-owned enterprises.(2)A significant positive correlation exists between managerial competence and managerial power.Additionally,the ability of managers in non-state-owned enterprises has a greater positive impact on their power than that of managers in state-owned enterprises.(3)The power of the management layer weakens the positive relationship between the ability of the management layer and enterprise growth.Furthermore,compared to state-owned enterprises,the weakening of managerial power in non-state-owned enterprises has a more pronounced positive impact on enterprise growth.Finally,based on the above conclusions,this article provides relevant suggestions from the perspective of selecting managers and establishing organizational structures in enterprises. |
